Unitech Ltd's Q3 net profit up 32% at Rs.43.33 crore 

[Editor: Untech Ltd (Rs.16.70) was recommended when the market was going strong (or before the "Arvind Kejriwal" storm blew-away the Kiran Bedi camp), based on some source based information. It  is seen that the company has done satisfactorily in Q3FY15, inspite of challenging environments. The scrip should react positively on Monday]

Photo: Noche Geek

NEW DELHI, 13 Feb, 2015: Realty firm Unitech today reported a 32% increase in consolidated net profit at Rs.43.33 crore for the quarter ended December 2014 due to lower operational expenses and interest outgo. 

Its net profit stood at Rs.32.82 crore in the year-ago period. 

Income from operations, however, declined to Rs.704.56 crore in the third quarter of this fiscal from Rs.731.67 crore in the corresponding period of the previous year, Unitech said in a statement.

Total expenditure fell to Rs.661 crore from Rs.716 crore during the period under review. 

Finance costs declined to Rs.7.33 crore from Rs.28.06 crore in the year-ago period. Unitech said it has a healthy balance sheet with a net debt to equity ratio of 0.57. Net debt as of December 31, 2014 was Rs.6,300.84 crore. 

Commenting on the results, Unitech MD Sanjay Chandra said: "Demand for residential space continues to be sluggish and it may take a few more quarters for the demand to revive. The company has been taking measures over the last few quarters to deal with this challenging environment and these have begun to bear fruit." 

For the nine months ended December 31, 2014, the total income and net profit stood at Rs.2,661.67 crore and Rs.34.20 crore, respectively. Unitech's shares today closed flat at Rs.16.70 crore on the BSE. 

Courtesy: The Economic Times